XAU/USD - Daily technical Analysis

By IBT Staff Reporter On 04/06/10 AT 11:53 AM

The pair is rebounding after clearing the 1129 pivot point, trading right now at 1132.57. The Spot is over the upper band of Bollinger, indicating a possible correction to the middle band (1127.5), while the CCI is clearly overbought. If it clears 1134.9, the pair will focus on the 1134.1 dollars per ounce ceiling. A few moments ago, the precious metal hit a new monthly high at 1135.18. Below, the support to watch is at 1133.1.